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Amswer:
Income Statement
| 2022 | 2021 | |||
| Particulars | Amount $ | % | Amount$ | % |
| Sales | 839100 | 100% | 649000 | 100% |
| Cost of Goods Sold(% of sales) | 522400 | 62.23% | 410700 | 63.28% |
| Gross Profit(% of sales) | 316700 | 37.77% | 238300 | 36.72% |
| Selling Expenses(% of Sales) | 121700 | 14.50% | 76300 | 11.76% |
| Administrative Expenses(%of sales) | 76200 | 9.08% | 54000 | 8.32% |
| Total Operating Expenses(% of Sales) | 197900 | 23.58% | 130300 | 20.08% |
| Income before income taxes(% of Sales) | 118800 | 14.16% | 108000 | 16.64% |
| Income TAx(% of income ) | 34200 | 28.79% | 24400 | 22.59% |
| Net Income(% of Sales) | $84,600 | 10.08% | $83,600 | 12.88% |
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Question 1 of 7 -/31 View Policies Current Attempt in Progress Operating data for Sheffield Corp....
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold...
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $839,100 522,400 121,700 76,200 34,200 84,600 2021 $649,000 410,700 76,300 54,000 24,400 83,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) SHEFFIELD CORP. Condensed Income Statement 2022 Percent 2021 Percent Amount Amount $649,000 Sales $839,100 % Cost of goods sold 522,400 % 410,700...
Operating data for Blue Spruce Corp. are presented below. 2022 2021 Sales revenue Cost of goods...
Operating data for Blue Spruce Corp. are presented below. 2022 2021 Sales revenue Cost of goods sold Selling expenses $834.000 $623,500 530,700 409,600 129,000 76,200 79,600 51.000 33,500 26,800 61,200 59,900 Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) BLUE SPRUCE CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $834,000 % $623.500 Cost of goods sold 530,700 % 409,600...
thank you!! Operating data for Martinez Corp are presanted balow ort 2022 2021 Sales revenue $842,600...
thank you!!
Operating data for Martinez Corp are presanted balow ort 2022 2021 Sales revenue $842,600 $639,100 Cost of goods sold 529,000 410,400 Selling expanses 123,900 76,300 Administrative expenses 73,000 52,400 Income tax exopanse 37,700 23,100 Net income 79,000 76,900 Prapare a schadule showing a vertical analysis for 2022 and 2021 (Round parentages to 1 decimal placa, ag 121K) MARTINEZ CORP Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $842 600 $639 100 Cost of goods sold 529,000...
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of...
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of $371000. During 2022, Sheffield had a net loss of $79500 and paid dividends to the stockholders of $53000. At December 31, 2022, the balance in Retained Earnings is O $291500 debit O $318000 credit O $371000 debit. O $238500 credit. Save for Later Attempts: 0 of 1 used Submit Answer
View Policies Current Attempt in Progress The following is selected information from Sheffield Corporation for the...
View Policies Current Attempt in Progress The following is selected information from Sheffield Corporation for the fiscal year ending October 31, 2022 Cash received from customers $298000 Revenue recognized 370000 Cash paid for expenses 180000 Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) 46500 Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers 101000 219000...
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp....
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380...
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of...
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of goods sold 528,600 409,400 121,500 73,300 Selling expenses Administrative expenses 76,900 54,800 Income tax expense 35,900 28,300 Net income 74,900 55,900 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) MARIGOLD CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $837,800 % $621,700 % Cost of goods sold 528,600 % 409,400 %%...
Question 6 0.5 View Policies Show Attempt History Current Attempt in Progress Your answer is partially...
Question 6 0.5 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The current sections of Pronghorn Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pronghorn Corp's net income for 2022 was $304,800. Depreciation expense was $50,400. 2022 2021 Current assets $74,400 $ 106,800 Cash Accounts receivable 102.000 82,800 Inventory 93,600 74,400 Prepaid expenses 20,400 22,800 $290,400 $286,800 Total current assets Current liabilities $ 19,200 $7,200 Accrued expenses payable 105,600 86,400...
--/4 Question 3 View Policies Current Attempt in Progress The current sections of Buffalo Corp's balance...
--/4 Question 3 View Policies Current Attempt in Progress The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp's net income for 2022 was $114,750. Depreciation expense was $20,250. ort 2022 2021 I Current assets Cash $78,750 $74,250 60,000 66,750 126,000 129,000 20,250 16,500 Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $285,000 $286,500 $ 11.250 $3,750 63.750 69.000 Total current liabilities $75,000 $72.750...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for the year ended December 31, 2022, Marigold Corp.reported the following condensed data, Operating expenses $ 713,000 Interest revenue $ 25,000 Cost of goods sold 1,248,000 Loss on disposal of plant assets 9,000 Interest expense 62,000 Net sales 2,192,000 Income tax expense 36,000 Other comprehensive income (net of $1,200 tax) 7,500 Your answer is partially correct. Prepare a multiple-step income statement. Marigold Corp. Income Statement...
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $839,100 522,400 121,700 76,200 34,200 84,600 2021 $649,000 410,700 76,300 54,000 24,400 83,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) SHEFFIELD CORP. Condensed Income Statement 2022 Percent 2021 Percent Amount Amount $649,000 Sales $839,100 % Cost of goods sold 522,400 % 410,700...
Operating data for Blue Spruce Corp. are presented below. 2022 2021 Sales revenue Cost of goods sold Selling expenses $834.000 $623,500 530,700 409,600 129,000 76,200 79,600 51.000 33,500 26,800 61,200 59,900 Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) BLUE SPRUCE CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $834,000 % $623.500 Cost of goods sold 530,700 % 409,600...
thank you!!
Operating data for Martinez Corp are presanted balow ort 2022 2021 Sales revenue $842,600 $639,100 Cost of goods sold 529,000 410,400 Selling expanses 123,900 76,300 Administrative expenses 73,000 52,400 Income tax exopanse 37,700 23,100 Net income 79,000 76,900 Prapare a schadule showing a vertical analysis for 2022 and 2021 (Round parentages to 1 decimal placa, ag 121K) MARTINEZ CORP Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $842 600 $639 100 Cost of goods sold 529,000...
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of $371000. During 2022, Sheffield had a net loss of $79500 and paid dividends to the stockholders of $53000. At December 31, 2022, the balance in Retained Earnings is O $291500 debit O $318000 credit O $371000 debit. O $238500 credit. Save for Later Attempts: 0 of 1 used Submit Answer
View Policies Current Attempt in Progress The following is selected information from Sheffield Corporation for the fiscal year ending October 31, 2022 Cash received from customers $298000 Revenue recognized 370000 Cash paid for expenses 180000 Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) 46500 Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers 101000 219000...
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380...
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of goods sold 528,600 409,400 121,500 73,300 Selling expenses Administrative expenses 76,900 54,800 Income tax expense 35,900 28,300 Net income 74,900 55,900 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) MARIGOLD CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $837,800 % $621,700 % Cost of goods sold 528,600 % 409,400 %%...
Question 6 0.5 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The current sections of Pronghorn Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pronghorn Corp's net income for 2022 was $304,800. Depreciation expense was $50,400. 2022 2021 Current assets $74,400 $ 106,800 Cash Accounts receivable 102.000 82,800 Inventory 93,600 74,400 Prepaid expenses 20,400 22,800 $290,400 $286,800 Total current assets Current liabilities $ 19,200 $7,200 Accrued expenses payable 105,600 86,400...
--/4 Question 3 View Policies Current Attempt in Progress The current sections of Buffalo Corp's balance sheets at December 31, 2021 and 2022, are presented here. Buffalo Corp's net income for 2022 was $114,750. Depreciation expense was $20,250. ort 2022 2021 I Current assets Cash $78,750 $74,250 60,000 66,750 126,000 129,000 20,250 16,500 Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $285,000 $286,500 $ 11.250 $3,750 63.750 69.000 Total current liabilities $75,000 $72.750...
Question 5 View Policies Show Attempt History Current Attempt in Progress In its income statement for the year ended December 31, 2022, Marigold Corp.reported the following condensed data, Operating expenses $ 713,000 Interest revenue $ 25,000 Cost of goods sold 1,248,000 Loss on disposal of plant assets 9,000 Interest expense 62,000 Net sales 2,192,000 Income tax expense 36,000 Other comprehensive income (net of $1,200 tax) 7,500 Your answer is partially correct. Prepare a multiple-step income statement. Marigold Corp. Income Statement...
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